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An iron condor, or any other multi-leg opening trade, is just an opening trade that results in a complex position with a non-linear payoff. Being complex doesn't make it a "strategy"; a strategy must include processes of entering, adjusting and exiting your positions. "Buy 10000 shares and...

Yes, it all comes down to one's opinion of underlying price movements and, in particular, one's judgement on rangebound vs trending. If one would like to guard against false breakouts (e.g., a trajectory like 55->56->51->45->...), one could attach a 54-sell-stop order to this 55-buy-stop order...

If OP decides to cover naked short 55C once 55 is breached, s/he essentially anticipates the price will break out from 55 and rally to say 58 60 65... If s/he anticipated this, wouldn't it be more logical to place a buy-stop order at 55 on the underlying shares, effectively turning the position...

SPX options are priced off interest- and dividend-adjusted index (ATM strike is shifted by the amount of dividend less interest). So selling SPX puts gives you the dividends, while missing the interests on the margin you could have earned risk-free.

3 increases risk exposures, so I don't think it is a "hedge". 2 also increases risk exposures if the roll realizes a loss.

Robert, is the following 4th choice a viable way to hedge a short call? 4. Buy 100 shares when stock price cross up price X (X <= short call strike), and close these shares when stock price cross down X. Repeat. The short put side can be hedged with short shares in a similar way.

If trading futures outright, ES NQ YM RTY all provide very good liquidity. If trading options, only ES has "enough liquidity". You would be better off trading QQQ DIA IWM options.

https://www.cmegroup.com/trading/equity-index/options-on-futures.html ES options trading termination time - ES: Quarterly Mar Jun Sep Dec 3rd Friday 9:30AM ET (unlike monthly SPX, which stops on Thursday 4:00PM ET) - EW: EOM 4PM ET - E1A E2A E3A E4A: Mondays 4PM ET - E1C E2C E3C E4C: Wednesdays...

1. I think you need 2 /ES, not 1. Unless you do ES options instead of SPX. 2. Define "approach", "continue past breakeven", "trend reverse" quantitatively, and back-test your strategy. If fudge factors are involved in any of the three decisions above, each whipsaw could eat up twice the fudge...

[nitpicking] In your GOOGL example, a Call actually has more extrinsic values than its corresponding Put of the same strike and maturity. See 11.28 vs 9.15 in the attached screenshot. Similar for indices like SPY, where calls are trading with more extrinsic values than puts right now...

Most lose, but when they win, they win big. :) Isn't it just the argument of winning-10%-in-90%-of-the-time vs winning-90%-in-10%-of-the-time?

Thanks for your explanation. I think it worths around $90, so I am considering shorting an Oct put fly 60|90|120 with $6 debit and positive Theta, risking 6 to make 24. How do you like it? :)

@TrustyJules, do you mean bull put spreads and OTM call flys for a bullish bet? If you were bearish on such HTB stocks, how would you trade it? Do you think it is better to do a bear spread using puts instead of calls? For example, if put-call parity is not violated, -120p|+180p and...

Since a broker does not allow its customers to quote two sides, can one quote bids via one broker and asks via another broker then? Is it "illegal"?

But TradeLog and Quicken exports are not available on this new UI.

All IB symbols for GLOBEX exchange can be found here https://www.interactivebrokers.com/en/index.php?f=2222&exch=globex&showcategories=FUTGRP I have been trading e-mini sector futures via IB for a while. I think their bid-ask spreads are pretty tight for swing trades. Day trading them would...

In the new Account Management UI, I cannot find where to download transactions in TradeLog-compatible format (for cost basis adjustments and tax reporting) and Quicken format. There used to be a link in the new UI for switching to the old UI, but it seems IB got rid of that link a few days ago...

IV will rise when EA approaches, but options prices may not, as IV is annualized over DTE. Markets are so efficient that such "edge" simply does not exist.

I personally treat the put spread and the call spread differently. I feel that the tests or breaches on the put spread is usually more forgiving than the call side, as the IV expansions (combined with more severe put skews) that usually come with price drops often help buffer the losses of...

Thank you for sharing your experiences.